UBA’s US$1Million Theft-Case Challenged

first_imgUBA’s headquarters on Broad Street, MonroviaThe Management of Mamawa and Sons, accused of conspiring with employees to dupe the United Bank of Africa (UBA) out of over US$1million, has challenged the bank’s authority to make available in Court, documentary evidence that links his company to the act alleged.Mr. Samuka M. Konneh, who is manager of the company, also threatened if the bank fails, his legal team is considering a lawsuit against his accuser.That emotional statement was made to journalists on Wednesday, March 6, at the Temple of Justice.“Look, they say Mamawa and Sons connived to rob the bank of over US$1million; but they failed to take the particular company to court.We have not been arrested, since the theft news broke out in 2011,” Konneh explained. That left him wondering whether the “theft” at the bank had actually taken place, or not. It may be recalled that in 2011, the grand jury of Criminal Court ‘A’ through UBA, indicted 13 employees of the bank’s branches in Ganta, and in Monrovia, for allegedly manipulating the system and loaning  over US$1million to individuals and institutions, including Mamawa and Sons Incorporated.They named co-defendant, Tunde C. Fon, who was a “cash officer” assigned at the bank’s Bushrod Island branch, as the main person behind the criminal acts.Along with several institutions and the 13 main culprits fingered and indicted, Mamawa and sons was later charged with crimes including economic sabotage, misapplication of entrusted property, criminal conspiracy, facilitation, and theft of property.But, Konneh said, one of the documents the bank needs to make available is “account numbers” of the company.According to him, that will established the real Mamawa and Sons involved with the over US$1million theft.“There are lots of companies operating in the country named Mamawa and Sons,” he claimed. “So, the bank needs to clarify for the general public, which Mamawa and Sons it is talking about.” He was quick to admit that his company has an account with UBA, disassociating it from the US$1million theft, considering it as what he called “mis-identity.”“I am going to make them publicly announce the main Mamawa and Sons—or else, we go to court,” he declared.“This situation has created serious embarrassment for my business partner and I’m not going to take it lightly. We will pursue legal means to have the bank make the main company available,” Konneh promised.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

IMF team reviews effectiveness of adjustment plan

first_imgInternational Monetary Fund representatives were recently in Athens to speak to officials involved in drawing up Greece’s first memorandum of understanding with the troika in 2010 as well as with opponents of the bailout terms as the Washington-based organization attempts to assess the effectiveness of the agreement.Kathimerini understands that a team of IMF experts has been set up to review the Greek bailout. The exercise comes in the wake of the IMF’s chief economist, Olivier Blanchard, admitting that the organization had underestimated the recessionary impact of austerity measures in Greece and other countries. In January, Blanchard said the IMF assumed the fiscal multiplier of spending cuts and tax hikes was around 0.5 percent of gross domestic product but discovered that it was actually between 0.9 and 1.7 percent.The team assessing the Greek program is led by James Gordon, who is the deputy director of the IMF’s Office of Budget and Planning.While in Athens, IMF experts met with Greek officials such as former Finance Minister Giorgos Papaconstantinou and Bank of Greece Governor Giorgos Provopoulos but, according to sources, also spoke to academics that were highly critical of the memorandum from the start. Kathimerini understands that the IMF is also speaking to officials and experts outside of Greece in its bid to assess whether mistakes were made in the formulation of the Greek program. Source: Kathimerini Facebook Twitter: @NeosKosmos Instagramlast_img read more